Queens Business Insurance

Your Complete Guide to Queens, NY Business Insurance

Don't leave your company open to any unintentional coverage gaps.

Queens New York Business Insurance

Queens has the second largest and most diverse economy of the five boroughs that make up New York City. Businesses in Queens have nearly equal representation in the retail trade, healthcare, manufacturing, construction, transportation, and film & television industries. 

Whatever industry your company operates in, business insurance can help it remain profitable in times of disaster.

Building a comprehensive business insurance policy package on your own can be complex, but when you work with an independent agent, it is easy. These experienced agents can recommend the best and most affordable policies to cover against each of your company’s potential risks. Consult an insurance agent near you to learn more.

Why Do Businesses in Queens, NY Need Liability Insurance?

Liability lawsuits against businesses can prove extremely expensive. This holds true even if the courts ultimately rule in the company’s favor. Business liability insurance is designed to help by covering the associated court costs, legal fees, and financial damages if your business is sued for a covered event.

There are lots of different commercial liability products available. You will need to be sure that your business insurance policy package includes the right products to cover against each of the potential liability exposures your company faces.

Some of the liability products your insurance agent may recommend include:

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage caused by accidents that occur on your business property and for which your company can be deemed responsible.
  • Product liability insurance: This covers third-party injuries, illnesses, and property damage that are caused by defects or design flaws in products your business produces, sells or promotes.
  • Liquor liability insurance: This covers against lawsuits related to damage and injuries caused by a person who became intoxicated while at your establishment. This coverage is important for businesses that serve alcohol because New York’s dram shop laws allow the injured party to sue the business that provided the drinks.
  • Cyber liability insurance: This covers your company’s financial responsibilities and restitution costs if cybercriminals install skimmers on your credit card readers or hack into your computer system and steal customer data such as financial and personal information.
  • Employment practices liability insurance: This covers against accusations of perceived illegal employment practices such as wrongful termination, discrimination, harassment, and retaliation.

Talk to an independent insurance agent in Queens to learn more about these and any other commercial liability policies that may be a good fit for your company. Your agent can help you be certain that your business is properly covered against all of its liability exposures.

What Insurance Products Cover Your Business Property?

Businesses in Queens are most likely to experience loss or damage to business-owned property due to hazards such as accidental fires, theft, electrical storms, windstorms, hurricanes, tropical storms and depressions, heavy snows, and freezing temperatures.

Fortunately, all of these risks are covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover your company’s assets, including office furniture, computers, supplies, tools, inventory, and outdoor signs.

Sometimes it is necessary to add specialized property insurance policies in order for your business property to be fully covered against all of its potential risks. An independent insurance agent may recommend supplementing your commercial property insurance with products such as:

  • Commercial flood insurance: This covers against flood damage, which is specifically not covered by commercial property insurance. Businesses in Queens that are located on the first floor or below ground, such as at subway stops, are most at risk when hurricanes and tropical storms bring prolonged heavy rains to the area.
  • Inland marine insurance: This covers your company’s portable property while it is being transported to another location or is away from your place of business, such as at a job site.
  • Bailee's insurance: This covers your customers’ valuable property whenever it is in your business’s care, custody, or control. This insurance is ideal for companies that perform maintenance, repair, or alteration services on expensive items.
  • Boiler & machinery insurance: This covers the cost of repairing or replacing your company’s essential machinery if it breaks down or malfunctions. This insurance can also cover revenue losses associated with the breakdown.

A local independent insurance agent can help you be sure that all of your business assets are suitably covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property, if necessary.

Is Business Interruption Insurance a Good Idea in Queens, NY?

Tornadoes are rare in Queens, but they still pose a risk. In August 2018, a small F0 twister touched down in the College Park neighborhood of Queens, causing toppled trees, power outages, and structural damage to buildings.

A major disaster, like a tornado or an accidental fire, can result in more than just damage to your business property. If the destruction it causes is particularly severe, your company could also be forced to remain closed for several weeks while repairs are made.

Disasters in New York

  • Number of federally declared disasters in NY since 1953: 101
  • Most common reasons for declared disasters: Severe storms, floods, and heavy snows
  • Average number of tornadoes in NY per year: 10

If your company must close for an extended period due to damage caused by a covered event, business interruption insurance can help by providing a continuation of income until you are able to resume normal operations.

This insurance can enable your company to continue paying regular monthly expenses such as rent, loan installments, and employee salaries even though it is temporarily unable to generate revenue.

Talk to a local independent insurance agent to learn more about business interruption insurance. Your agent can help you determine whether this coverage is a good fit for your Queens business.

Do Businesses in Queens Need Worker's Compensation Insurance?

If your employees are injured on the job, or if they develop an occupational illness due to exposure to toxins in the workplace, your business is responsible for covering their medical treatment and related financial losses. Worker's compensation insurance is designed to provide this coverage.

With very few exceptions, all employers in the state of New York are required by law to cover their full-time and part-time employees with worker's compensation insurance.

Rates for this insurance are based mainly on the types of jobs your employees do and the likelihood that they will be seriously injured while doing them. It would cost a lot more to insure an airplane mechanic at JFK Airport than it would to cover an accountant at a tax office.

When you are shopping for this mandatory coverage, a local independent insurance agent can help you compare policies and rates from a few competing commercial providers. That way, you can be sure that you are getting a suitable policy at a competitive price.

What about Insurance Products for Employee Benefits Packages?

With so many businesses located in Queens and the other New York City boroughs, the competition to recruit the best and most talented workers can be fierce. You can give your company an edge by offering a competitive employee benefits package that includes perks like paid vacation time, a 401(k) plan, and healthcare coverage.

When you are shopping for insurance products to include in your employee benefits package, you will find that there are several different life insurance and health insurance policies available for you to choose from. This can make it difficult to determine which to buy.

A local independent insurance agent can go over the pros and cons of each of your various options so you can make an informed decision about which products make the best choices.

Why Work with an Independent Insurance Agent in Queens, New York?

Insurance providers understand that every company faces specific potential risks, and these can vary significantly from one business to the next. That is why there are so many different commercial insurance products and policy options.

An independent agent can help you determine what your company’s coverage needs are and can assist you with finding the best and most affordable policies to mitigate each of them.

Set up a one-on-one consultation with an independent insurance agent in Queens to learn more. You will soon discover how easy it can be to obtain and compare a variety of customized business insurance quotes.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.city-data.com/city/Queens-New-York.html
https://www.census.gov/quickfacts
https://www.fema.gov/disasters
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https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181